Crypto trader Ali (@ali_charts) took to Twitter yesterday to share his bullish stance on dYdX (DYDX). Despite the bearish market sentiment surrounding DYDX, Ali believes that savvy investors should not count it out just yet. In fact, he argues that negative sentiment often presents an opportunity to find hidden gems in the market.
According to Ali, crypto whales have purchased more than 10 million DYDX tokens in just the last 2 weeks. This amounts to a combined U.S. dollar value of around $24 million. This is a clear sign that big players in the crypto space see potential in DYDX despite the bearish sentiment.
In addition, approximately 7.86 million DYDX tokens have been withdrawn from known crypto exchange wallets in the past 3 weeks. This means that the number of DYDX tokens available to sell is decreasing, which could lead to a price increase in the future.
At the time of writing, DYDX’s price is trading at $2.88 following a 6.38% increase over the last 24 hours, according to CoinMarketCap. Interestingly, DYDX was able to outperform the crypto market leaders Bitcoin (BTC) and Ethereum (ETH). Currently, DYDX is up 7.31% against BTC and 6.58% against ETH.
Furthermore, the daily trading volume for DYDX is estimated to be $133,825,546 at press time. This is a 39.68% increase in DYDX’s trading volume in the past 24 hours. The 24-hour increase in DYDX’s price has also brought the altcoin’s market cap up to $452,367,661, ranking it as the 94th biggest crypto project in terms of market cap.
It is important to note that the views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence before making any investment decisions. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
In conclusion, Ali’s bullish stance on DYDX is backed by the recent purchases made by crypto whales and the decrease in tokens available to sell. This presents an opportunity for investors to capitalize on the potential of DYDX, despite the current bearish market sentiment.